Final Results

Netcentric Systems PLC 19 December 2003 CHAIRMAN'S STATEMENT RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2003 The Company recorded a loss after tax of £289,000. We continue to look vigorously for a suitable 'reverse' acquisition or investment for the Company, now that virtually all assets have been converted into cash and all the reconstruction has been completed. As reported at the half year on the 20th January 2003 in the High Court of Justice of the Isle of Man, and following a Special Resolution passed at an Extraordinary General Meeting of the Company, held on 22nd July 2002, the capital of the Company was reduced by £12,482,453 from £13,181,126, comprising 254,743,956 issued Deferred Shares of 4.9 pence each and 139,734,602 issued Ordinary Shares of 0.5 pence each to £698,673 comprising the 139,734,602 issued Ordinary Shares of 0.5 pence each, such reduction being achieved by the cancellation of the issued and un-issued Deferred Shares of 4.9 pence each in the capital of the Company. This completed the legal formalities of the reconstruction of the Company's share capital. S A KOMLOSY Chairman, 18 December 2003 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2003 2003 2002 £'000 £'000 TURNOVER Continuing operations 11 11 Discontinued operations - 17 -------- -------- TOTAL TURNOVER 11 28 Cost of sales - - -------- -------- GROSS PROFIT 11 28 Net operating expenses (214) (1,887) -------- -------- OPERATING LOSS (203) (1,859) Income from subsidiary undertakings - 1,598 -------- -------- LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (203) (261) Interest income Interest payable and similar charges 33 25 Loss on disposal of investments - (10) (119) - -------- -------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (289) (246) Taxation - 15 -------- -------- LOSS FOR THE YEAR (289) (231) -------- -------- LOSS PER SHARE - BASIC 0.21p 0.36p -------- -------- - DILUTED 0.21p 0.36p -------- -------- STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 30 SEPTEMBER 2003 2003 2002 £'000 £'000 Loss for the financial year (289) (231) Revaluation of investment 12 - ------- -------------- Total gains and losses recognised in the financial statements since the last annual report (277) (231) ------- -------------- NOTE OF HISTORICAL COST PROFIT AND LOSSES FOR THE YEAR ENDED 30 SEPTEMBER 2003 2003 2002 £'000 £'000 Loss on ordinary activities before taxation (289) (246) Realisation of property revaluation gains of - 75 previous years ------- ------- Historical cost loss on ordinary activities (289) (171) before taxation ------- ------- Historical cost loss on ordinary activities (289) (156) after taxation ------- ------- BALANCE SHEET - AT 30 SEPTEMBER 2003 2003 2002 £'000 £'000 £'000 £'000 FIXED ASSETS Investments 42 511 -------- -------- 42 511 CURRENT ASSETS Debtors 26 623 Cash at bank 310 36 ------- -------- 336 659 CREDITORS: amounts falling due within one year (37) (552) ------- -------- NET CURRENT ASSETS 299 107 -------- -------- NET ASSETS 341 618 -------- -------- Represented by: CAPITAL AND RESERVES Called up share capital 699 13,181 Reserves (358) (12,563) -------- -------- SHAREHOLDERS' FUNDS 341 618 -------- -------- CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2003 2003 2002 £'000 £'000 OPERATING ACTIVITIES Net cash inflow (outflow) from continuing 214 (2,445) operating activities ------- ------- NET CASH OUTFLOW FROM OPERATING ACTIVITIES 214 (2,445) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 18 10 Interest paid - (10) Dividends from subsidiaries - 1,598 ------- ------- 18 1,598 TAXATION Isle of Man taxation received - 15 CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Sale of tangible fixed assets - 1,815 Sale of investments 42 - ------- ------- 42 1,815 ------- ------- NET CASH INFLOW BEFORE FINANCING 274 983 FINANCING Decrease in debt - (1,271) ------- ------- INCREASE/(DECREASE) IN CASH IN THE YEAR 274 (288) ------- ------- NOTES TO THE FINANCIAL STATEMENTS - 30 SEPTEMBER 2003 1. SEGMENTAL ANALYSIS BY CLASS OF BUSINESS Turnover Loss before taxation Operating net assets 2003 2002 2003 2002 2003 2002 £'000 £'000 £'000 £'000 £'000 £'000 Investing activities - - (132) 247 42 152 Rental activities 11 11 (3) (3) - - Investment properties - 17 - 7 - - Central costs - - (154) (497) (11) 430 ------ ------ ------ -------- ------ -------- 11 28 (289) (246) 31 582 ------ ------ ------ -------- Cash at bank 336 36 Bank overdraft (26) - ------ -------- Net assets 341 618 ------ -------- 2. SEGMENTAL ANALYSIS BY GEOGRAPHICAL AREA The whole of the Company's turnover and loss before taxation arise within the Isle of Man and United Kingdom. Similarly, all net assets are in the Isle of Man and United Kingdom with the exception of the investment of £42,000 held at 30 September 2003 in Harrell Hospitality Group Inc., a company based in the United States of America and the loan to the same company of £103,000, which was outstanding at 30 September 2002, and which was repaid during the year. 3. LOSS PER ORDINARY SHARE The calculation of loss per ordinary share is based upon a loss after taxation of £289,000 (2002: £231,000) and on 139,734,602 ordinary shares being the weighted number of ordinary shares in issue during the year (2002: 63,592,418). Share options and warrants do not have a dilutive effect. 4. REPORT AND ACCOUNTS The financial information set out above does not constitute statutory accounts within the meeting of Section 6 and Schedule 1 of the Isle of Man Companies Act 1982. Statutory financial statements for the financial year ended 30 September 2003 will be delivered to the Register of Companies. The Report and Accounts will be posted to the shareholders shortly and will be available from 133 Ebury Street, London, SW1W 9QU. 5. ANNUAL GENERAL The Annual General Meeting will be held at the offices of Wallace and Partners, 1 Portland Place, London, W1B 1PN at 5.00pm on 5 March 2004. This information is provided by RNS The company news service from the London Stock Exchange

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